Bitfarms, a leading Bitcoin mining company, has rejected Riot Platforms' acquisition proposal, stating that it does not serve the best interests of its shareholders. Instead, Bitfarms has announced plans to establish its first large-scale mining site in Pennsylvania, USA, which will significantly boost its power supply capacity. This strategic move is expected to increase the company's power capacity by 170% to 648 megawatts by 2025, exceeding its current capacity and 2024 targets.

The new mining site in Pennsylvania will support 8 EH/s and, combined with the additional 100 MW acquired in Paraguay, Bitfarms expects its computing power to surpass 35 EH/s by 2025. This expansion demonstrates the company's commitment to enhancing its operational footprint and increasing its mining capacity. By developing this new site, Bitfarms aims to strengthen its position in the industry and achieve greater geographical diversification.

The mining site will be located in the PJM Interconnection market, providing access to low-cost and flexible power. This strategic location will enable Bitfarms to optimize its energy costs and participate in demand response programs, offering additional revenue streams. The company's expansion into the PJM market also aligns with its goal of using sustainable energy sources, as the region is rapidly transitioning to renewable energy.

Bitfarms' decision to reject Riot Platforms' acquisition bid and invest in its own growth demonstrates the company's confidence in its ability to succeed independently. By focusing on expanding its mining capacity and optimizing its operations, Bitfarms is poised for significant growth and increased profitability. The company's commitment to sustainable energy sources and geographical diversification further solidifies its position as a leader in the Bitcoin mining industry.

In conclusion, Bitfarms' strategic decision to develop a new mining site in Pennsylvania marks a significant milestone in the company's growth journey. With its increased power capacity and commitment to sustainability, Bitfarms is well-positioned to achieve its goals and maintain its position as a leading Bitcoin mining company.